Entrepreneurial Failure

Topics: Thought, Management, Failure Pages: 1 (350 words) Published: April 30, 2013
Michael Galindo
Article #1 revised
Common Experience
“The root cause of Entrepreneurial Failure”
The first article I read was written by Nicolas A. Bibby. His article title was named “the root cause of Entrepreneurial Failure”. I had a good feeling just by reading the articles name a few things he would be writing about. One reason we fail would be due to our lack of knowledge about the business, and dislike towards a chosen career. Another would be insufficient capital to hold venture through making profit and just making it even. He proves what he was speaking of in his article by backing it up with surveys and statistics

“The first is the issue of knowledge.” Pertaining to that though is whether or not you can absorb what information is given to you, also having the initiative to find out more history of the business you are in. It is a struggle to go to work every day and not enjoy it, but we struggle and tolerate it because of the paycheck. Think about it we have vacation times, and weekends and so on so the struggle is thought of on a different level when people dislike their company or their employer.

Some statistics support the theory of how entrepreneurs fail due too common mistakes. Bibby speaks of some thoughts which are two thirds of adults are unhappy with their work, also two thirds of small businesses do fail. He talks in his article about many of the causes why entrepreneurial success “Obliviously, people excel in positions that they enjoy and which they do have an aptitude”.

The main key of failure of a business is that the owner dreads what they chose to do. If you are going to own your own business, you have to enjoy it! That is rule number one, necessities to success are time and money. You need to balance with schedules and make things work such as time management, and you need the proper funds to do so. These guidelines that Bibby spoke about are steps to success, limiting all factors of failure.
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